A new owner is seeking to revitalize a struggling business park at South Tryon Street and Clanton Road, spending money to renovate the buildings and lure new tenants.
Stockbridge Capital, a San Francisco-based firm, bought the business park for $9.9 million last month, Mecklenburg County real estate records show. The property is 33 percent occupied, and had been in receivership.
The 13-building, 328,251-square-foot business park had been called 77 corporate park. Stockbridge is rebranding it as South End Business Park. The firm, which has $8.8 billion worth of assets under management, is upgrading building facades along Clanton Road, adding an on-site management and leasing office and putting in pre-built speculative suites ready for tenants to immediately occupy.
Trinity Partners is leasing the project.
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“We’re ready to re-introduce this park to the market,” said Terry Brennan, partner and director of industrial property services at Trinity, in a statement. “It wasn’t too long ago that this park thrived. All of the fundamentals are in place, and you couldn’t ask for a better location. New, well-capitalized owners, strategic park improvements, and attentive management and maintenance will put it back on the map.”
The new name is meant to associate the park with the entrance to the thriving South End district.
Stockbridge owns several other properties in Charlotte, including Toringdon Office Park, Afton Ridge Shopping Center, Steel Yard, and the Venue Apartments.
“Stockbridge now has approximately two million square feet in the market, including a million square feet of flex industrial in Northern Charlotte to complement this most recent investment,” said Gary Hunter, asset manager and vice president at Stockbridge.